Piramal Capital And Housing Finance Collaborates With India Mortgage Guarantee Corporation to Provide Gruh Setu Home Loan to Deserving Customers

PCHFL, a wholly-owned subsidiary of Piramal Enterprises, has teamed with the India Mortgage Guarantee Corporation (IMGC) to provide cheap house loans backed by mortgage guarantees to salaried and self-employed consumers.

Gruh Setu House Loan — cheap home loans backed by a mortgage guarantee will target clients from unserved and underdeveloped locations.

How to Apply for a Gruh Setu Home Loan - 

*Customers may apply for loans directly to PCHFL or via channel partners such as Connectors and DSAs.

*Complete the application form and attach all necessary loan papers.

*PCHFL and IMGC determine loan eligibility.

*The customer is provided with alternatives for a home loan structure that meets their needs, including longer loan terms, reduced EMIs, and competitive interest rates.

*The loan is issued when PCHFL verifies the property.

Gruh Setu House Loan seeks to meet the aspirational demands of salaried and self-employed consumers globally, bringing them one step closer to purchasing their dream home. The loan programme is intended to provide loans to individuals who receive salary from a bank or in cash, pensioners, employees of proprietorships and partnership firms, as well as self-employed professionals such as doctors or architects, small business owners, and proprietors and partners in partnership firms.

"Piramal's affordable housing solutions are aimed at India's unserved and underserved clients," stated Jairam Sridharan, MD, PCHFL. While we have developed items specifically for this demographic, there is a part that is now credit unviable. Our new solution, Gruh Setu, which was developed in collaboration with IMGC, enables us to provide credit to this demographic via the use of a mortgage guarantee. We anticipate that this relationship will create 10% to 12% of our housing business."

Through the agreement with IMGC, PCHFL will be able to expand its portfolio throughout the country's 300+ outlets. PCHFL would provide relatively cheap house loans ranging from Rs 5 lakh to Rs 75 lakh for tenures of up to 25 years via this product.

"Piramal's domain knowledge in real estate will result in a well-structured mortgage guarantee-backed house loan product that would assist first-time home purchasers in India in realising their 'early home ownership' dreams," stated Mahesh Misra, CEO, IMGC. Additionally, it will offer inexpensive house loans by lowering down payments, extending loan terms, and lowering EMIs. IMGC will assist PCHFL in empowering underrepresented communities and extending its activities to more than 1,000 cities."

With the purchase of DHFL, PCHFL has become a market leader in the retail lending area, with over 1 million lifetime clients, a presence in 24 states, and a branch network of over 300 locations. The firm makes use of its phygital lending platform, which is powered by Machine Learning (ML) and Artificial Intelligence (AI), as well as the new mobile app.